Section 8 Fair Market Rent (FMR) for ZIP 62924 - 2027

Location: Williamson County, IL | Metro: Jackson County, IL

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$710
1 Bedroom	$820
2 Bedrooms	$1,020
3 Bedrooms	$1,330
4 Bedrooms	$1,370
5 Bedrooms	$1,589
6 Bedrooms	$1,780
7 Bedrooms	$1,922
8 Bedrooms	$2,018

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

3,168

Median Household Income

$70,357

Housing Units

1,480

Renter Percentage

41.0%

Occupancy Rate

88.1%

Renter Occupied

535

The ZIP code 62924, located within the Williamson County, IL metro, presents an interesting profile when compared to typical ZIP codes in the area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $1050, which is higher than the market rent of $920. This suggests that the government's estimate of what is considered fair rent in the area slightly exceeds what the market is currently offering.

The median home value in 62924 stands at $108,129, which is notably lower than what might be expected in a typical ZIP code within Williamson County. This indicates that 62924 could be considered a value pocket, where housing is relatively affordable compared to other areas in the same county.

A significant portion of the residents in 62924 are renters, with a renter share of 41.0%. This figure is higher than the average renter share for Williamson County, IL. The combination of a high renter share and below-average home values can signal a sweet spot for Section 8 properties. Landlords and small-portfolio investors should take note of this trend as it suggests a strong demand for rental properties among low-income households who qualify for Section 8 assistance.

To further understand the dynamics of 62924 within the Williamson County, IL metro, consider the following:

Rental Pricing: With an FMR above the market rent, landlords in 62924 can potentially benefit from participating in the Section 8 program, as they may receive higher rent payments than the local market rate.
Housing Affordability: The lower median home value makes homeownership more accessible to lower-income individuals, but it also means that investment opportunities in owner-occupied properties may be limited.
Renter Demographics: The high percentage of renters points towards a diverse demographic, likely including many families and individuals seeking affordable housing options. This aligns well with the goals of the Section 8 program.

In summary, ZIP code 62924 appears to be a value pocket within the Williamson County, IL metro, characterized by relatively low home values and a high proportion of renters. These factors create an environment favorable for landlords and small-portfolio investors looking to participate in the Section 8 program.

Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).

About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.